Die Folgen Angela Merkels

LONDON – In der Europäischen Union ist Deutschland der Anführer des Widerstands gegen jegliche Abschreibung auf Staatsschulden der in Schwierigkeiten geratenen Eurozonen-Mitglieder. Statt dessen befürwortet das Land Bailout-Einrichtungen wie die Europäische Finanzstabilisierungsfazilität und den Europäischen Mechanismus zur Finanzstabilisierung, die gemeinsam bis zu 500 Milliarden Euro zur Verfügung haben. Dazu kommt noch der Internationale Währungsfonds mit weiteren 250 Milliarden.

Im Grunde handelt es sich dabei um Refinanzierungseinrichtungen. Hoch verschuldete Mitglieder der Eurozone können dort Kredite zu niedrigeren Zinsen bekommen, als sie auf dem freien Markt zahlen müssten, wenn sie sich im Gegenzug zu drastischen Sparmaßnahmen verpflichten. Kapital- und Zinszahlungen auf bestehende Schulden werden nicht angetastet. So erleiden die Gläubiger – hauptsächlich deutsche und französische Banken – keine Verluste durch ihre bestehenden Kredite, während die Schuldner Zeit gewinnen, um ihre Finanzen in Ordnung zu bringen. Dies ist zumindest die Theorie.

Bis jetzt haben sich drei Länder – Griechenland, Irland und Portugal – an diese Hilfseinrichtungen gewandt. Mitte Juli 2011 lagen die griechischen Staatsschulden bei 350 Milliarden Euro (160% des BIP). Die griechische Regierung muss momentan für ihre zehnjährigen Anleihen, die auf dem Sekundärmarkt zum halben Nennwert gehandelt werden, 25% Zinsen zahlen.

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